Ethereum Classic Price Analysis: ETC/USD Could Rebound From $12.75
- Ethereum classic price formed a high at $13.37 and declined below $13.00 against the US dollar.
- There is a major bullish trend line in place with support at $12.75 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair could bounce back after testing the $12.75 support and the 100 hourly simple moving average.
Ethereum classic price is correcting lower against the US Dollar and Bitcoin. ETC/USD must hold the $12.75 support to resume its upside move in the near term.
Ethereum Classic Price Trend
During the past two days, there was a steady rise from the $12.10 support in ETC price against the US dollar. The ETC/USD pair climbed higher and broke the $12.50, $12.75 and $13.00 resistance levels. It traded close to the $13.40 level and formed a short-term top at $13.37. Later, there was a downside correction and the price moved below $13.00. The price also moved below the 23.6% Fib retracement level of the last wave from the $12.27 low to $13.37 high.
However, the price is now approaching a crucial support near the $12.75-12.80 area. There is also a major bullish trend line in place with support at $12.75 on the hourly chart of the ETC/USD pair. The 50% Fib retracement level of the last wave from the $12.27 low to $13.37 high is also above the trend line support. Moreover, the 100 hourly SMA is positioned at $12.70 to act as a support. Therefore, if the price continues to move down, it is likely to find support near $12.70 and $12.75. Below these, it could move back towards $12.10.
The chart suggests that ETC price remains supported near $12.75 and the 100 hourly SMA. On the upside, an initial resistance is near $13.00 followed by a bearish trend line at $13.10.
Hourly MACD – The MACD for ETC/USD is slightly placed in the bearish zone.
Hourly RSI – The RSI for ETC/USD is now well below the 50 level.
Major Support Level – $12.75
Major Resistance Level – $13.10
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